Homework Answers
An individual who lies in the age group 18-60 years and he is ready for work at the current market wage rate but he is not getting employment, that individual is considered as unemployed.
Labor force is sum of unemployed and employed persons.
LF=Employed+ Unemployed and looking for work
Working age population= Employed+ Unemployed and looking for work+ not working due to disability + Unemployed and not looking for work due to discouragement over job prospects.
Labor force participation rate= (LF/ working age population)*100
Hence it can be said that Unemployment is defined as the active search and inability of labor force participants to find jobs.
Hence option first is the correct answer.
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